Madoff investigation is in full swing

New York state's top legal officer said his office was investigating frauds related to charities caught up in the scandal of Bernard Madoff.

Andrew Cuomo,New York Attorney General, said "I don't want to comment on who we are investigating or not by name." He added, the probe was "not looking at Mr. Madoff" himself at this time.

Authorities stated the veteran money manager, charged with securities fraud by federal prosecutors in Manhattan, had confessed to a $50 billion investment fraud a month ago. Moreover, big banks, the wealthy, funds and charities have also declared themselves to be victims of Madoff.

A U.S. magistrate judge had rejected a government request to revoke Madoff's bail and send him to jail at the time, when the investigation of his alleged fraud proceeds.

Madoff' is a former chairman of the Nasdaq stock market. Currently he remains under house arrest in his $7 million Manhattan apartment. Madoff's lawyers stated he has been cooperating with government investigations. 

Source: Reuters